Foreclosures Hit the Rich and Famous in Miami

Fisher_Island_real_estate.jpgFisher Island is home to many of the rich and famous in Miami. Its residents have seen the likes of Oprah Winfrey, Mel Brooks, actress Sharon Gless, Florida first lady Carole Crist, and Boris Becker. Back in 2008, Fisher Island held the number one spot in Forbes magazine’s annual ranking of America’s most expensive postal zone.

The latest Forbes list, however, revealed that Fisher Island has dropped to No. 33, illustrating that no one is immune from the current economic and foreclosure crisis plaguing South Florida, and the nation as a whole.

Since 2009, at least 17 units have entered foreclosure and more than a dozen short sales – prospective deals in which the owner is willing to accept less than the amount owed – are listed. Smaller units have even been listed at the unbelievable price of $190,000. A recent report from shows that 97 percent of units on the island dropped in value since March of 2009.

Retired builder Arnold Schiller, finds that Fisher Island is not the only luxury community that is suffering during the current economic climate. Other pricy locations such as the Hamptons are feeling the effects of approximately 30 percent decreases in their home values.

However, residents and real estate agents are optimistic that Fisher Island will see signs of improvement in the near future. At the end of the day, Fisher Island is still a captivating place in an incredible location. Its privileged location, pristine beaches, views and unheard of prices will continue to draw attention.

If you are facing a foreclosure, contact our office today to discuss your options. We can be reached at 305-263-7700.